According to a "person briefed on the project," Google's Android team is developing the smartwatch. The source also said that "the [Android] project is separate from Samsung's efforts."

When asked about the smartwatch rumor, a Google spokesperson told ABC News that the company "doesn't comment on rumors or speculation."

The watch, like other smartwatches, will likely pair with an Android phone and allow one to view messages and incoming call notifications right on the watch's display. Google did file for a patent describing a "smart-watch including flip up display" in 2011. This patent was approved late last year.

The wearable gadget space seems to be drawing the interest of many companies. Pebble, the smartwatch that works with the iPhone and Android, beat all the odds on Kickstarter, receiving more than 85,000 orders for the watch and more than $10 million from people who wanted to back the company. Many companies have also joined the fitness tracker market, including Nike, Motorola and Jawbone.

Of course, Google is no stranger to wearable computing items right now. Google Glass, those futuristic, Internet-connected eyeglasses that show digital data right before your eyes, is now undergoing testing, and Google plans to release a version by the end of the year. Google is expected to talk more about its Glass project and its next versions of Android at its annual Google I/O conference in May.